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short sales: Put correct data in the MLS - 08/27/10 12:31 PM
I am sick and tired of looking at MLS sheets that say this is a house for sale, guess about the details. I have seen too many listings with no information and the comments say "House is for sale as-is, buyer to verify all". The listing does not say if the house has a view, has a patio, has a fence, has air conditioning, has a fireplace, has a pool. Yes, I have seen listings that do not mention a pool and when I go to the house, there is one, right in the middle of the back yard, surprise.
Better than … (9 comments)
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short sales: Tell me how you got into you situation - 06/28/10 12:44 AM
There seems to be two catagories of opinions here.
# 1 Tell me your situation and I will try to help you.
# 2 Tell me how you got into your situation and I will decide if you are worthy of help.
People in the first catagory help anybody. People in the second catagory will only help you if you fit into their box. If you are short selling your house because you got sick that is ok, they will help. If in their opinion you spent too much money on your vacation 3 years ago, then they will not help … (4 comments)
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short sales: Where you live and your opinion about defaults. - 06/26/10 10:54 AM
I think that I have noticed a trend on AR. People from different areas have different opinions based on their market. The people from the states with the most defaults are less judgmental about the defaults. People in Nv, Ca, Fl, Az deal with this everyday, sometimes more than once a day.
Where I live, we are at approximately 80% REOs and short sales. Our prices have dropped more than 50%. (I showed a house that is listed at $188,500. It last sold for $436,000.) We have 14% unemployment. My view point after dealing with lots of people is that I do not care … (3 comments)
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short sales: Difference between REO and short sales prices - 06/11/10 12:43 AM
We were assigned a new REO property. It was listed Oct - Feb as a short sale for $50,000. We listed it as an REO the first week of June for $45,000. 9 offers the first week. Highest and best resulted in a price of $60,000 cash. Is there really that much of a difference in short sales prices?
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short sales: Would you hire this agent? - 06/03/10 09:19 AM
I ran across these comments in a short sale listing in the MLS. Today is 06/03/2010.
"This property could be a really nice home for someone. We have not seen the interior so do not know if it will go FHA. Seller is working on getting a key this weekend. Please write offers subject to interior inspection. We should have a lockbox on the property no later than Monday 3-29-10, but call agent first."
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short sales: Doing the other agents job. - 03/31/10 10:29 AM
I am doing an interior bpo on a house. I called the listing agent and left a voicemail. The listing says vacant, go direct, on lockbox. I go to the house. There is no lockbox. I called the listing agent, leave voicemail again. I get a phone call back a few hours later. The owner put the lockbox into the garage. She will call him and make sure that he leaves it outside for me to do the bpo the next day. She also gives me the owners phone number in case there is a problem. The next day I call the owner. … (4 comments)
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short sales: Banks doing what is best for them. - 09/29/09 12:19 PM
I have seen several blogs where a real estate agent describes a deal that the bank turned down. Some seem outrageous. Basically for the bank, it is simple economics. If I do a loan modification, I get A dollars. If I do a short sale, I get B dollars. If I foreclose, I get C dollars. The government is contributing money to the various options and guaranteeing some/part of the loans. Mortgage insurance is another factor. The investor is making the decision based on the total dollar amounts from the various options. Whichever one is greater, A, B, or C will be the … (2 comments)
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short sales: How broke do you have to be? - 09/24/09 11:30 PM
You or your spouse get laid off. It has been a few months and you have not found a job. You have enough savings to last a year. Do you start a short sale now or wait until you have used up your savings? Does the time it takes to do a short sale influence your decision? Do you take money out of your retirement plan? Do you take money out of your childrens college fund? Is it OK to do a short sale and still have some money left to start your new life?
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short sales: Short sale procedures - 06/02/08 09:41 AM
I just want to make sure I understand short sale procedure.
In a normal transaction, you list a property for $100,000. You get an offer for $100,000. The seller accepts the offer. You go into the mls and change the listing to pending. The next day, an offer comes in for $105,000. You say "Thank you, we already have an accepted offer, would you like to be in second position?"
In a short sale transaction, you list a property for $100,000. You get an offer for $100,000. The seller accepts the offer. You go into the mls and change the listing to pending. The … (6 comments)
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short sales: What are we becoming? - 05/26/08 10:01 AM
Short sales are interesting. Because the seller cannot collect any money, they are listing houses at ridiculous prices in order to get action. So we have phony listings.
I recently did an interior bpo. The agent met me at the property and handed me a copy of the offer. She told me it was a low offer but it was good for her because it made the bank start the process and she would get an idea of what price the bank would accept. The property was listed at $220,000. The offer was $140,000. The buyer was putting $100 down. The bank was to pay all expenses. So we have … (15 comments)
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short sales: Short Sale Prices and BPOs - 05/10/08 09:35 PM
While doing BPOs, I am finding some unusual pricing for short sales. One property I was doing a BPO on was a short sale. It was in a two year old building. It was a 2 bedroom condo listed at $125,000. What was unusual is that 1 bedroom condos in the building were listed at $130,000. All of the other 2 bedrooms were listed for about $150,000.
The best part of this story is that the BPO company software gave me an error message when I said that the value was greater than $125,000.
… (6 comments)
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Matt Kofsky
Reno,
NV
More about me…
Transaction Realty 500 Reno, Nv.
Address: 6121 Lakeside Dr, Suite 101, Reno, Nv, 89521
Cell Phone: (775) 240-4663
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